Topic
Factor price
About: Factor price is a research topic. Over the lifetime, 2764 publications have been published within this topic receiving 86176 citations.
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TL;DR: In this paper, the relationship between housing supply elasticities, land costs and house price dynamics is analyzed, and it is shown that higher house supply elasticity helps contain short-run price spikes following demand shocks.
Abstract: We analyze relationships between housing supply elasticities, land costs and house price dynamics, contributing three main insights. First, higher housing supply elasticities help contain short-run price spikes following demand shocks. Second, land price dynamics influence this relationship; supply responses are lessened and house price spikes are exacerbated as land prices increase. Third, we estimate a system of regional equations modeling housing supply using a Tobin's-q specification (incorporating construction and land costs) and show that regional price dynamics are a function of the region's supply elasticity.
99 citations
TL;DR: In this paper, the authors studied the extent of channel-based price differentiation among multi-channel retailers and analyzed factors that influence a company's decision to engage in price differentiation, finding that price differentiation mostly occurs among big companies with market power that can separate markets.
99 citations
TL;DR: In this article, the effects of trade liberalisation on the location of manufacturing firms that are vertically linked and differ in factor intensities are analyzed, by embedding a model with vertical linkages within a Heckscher-Ohlin framework.
98 citations
TL;DR: In this article, the authors empirically estimate the impact of the price distortion on output growth in China, using monthly, time series data from 2005M1 to 2012M12, and find that regulatory price distortion negatively affects output growth.
97 citations
TL;DR: In this article, it was shown that under identical initial conditions (i.e., relative factor prices and relative costs of alternative forms of technical change) the firm will prefer more "biased" technical change relative to the situation in which it purchases factors competitively.
Abstract: In this paper an attempt is made to give precise expression to the conditions under which a profit maximizing firm with fixed research budget will choose each type of technical change (i.e., "neutral" and "nonneutral"). It was found that the optimal choice depends on the initial technology, relative factor prices, and relative costs of acquiring different types of technical change. The preferred technical change need not be exclusively of one sort (e.g., "neutral" chanige). Once "neutral" technical change becomes optimal, however, it remains so until there is a change in relative factor prices. On the other hand, adoption of a "biased" technical change may eventually cause "neutral" advance to become desired even in the absence of relative factor price changes. Examination of the firm's decision criterion under the assumption that it is a monopsonistic buyer of factors of production, discloses that under identical initial conditions (i.e., relative factor prices and relative costs of alternative forms of technical change) the firm will prefer more "biased" technical change relative to the situation in which it purchases factors competitively. In particular, the firm will, under these conditions, seek those "biased" technical changes which economize on the factor whose elasticity of supply is relatively smaller. Finally, it was also discovered that, contrary to previous suppositions, changes in the elasticity of substitution do affect the optimal capital-labor ratio for each factor price combination in all cases but one.
97 citations